Paulson Aims to Restore Treasury's Clout

[NVMojo]

WASHINGTON (AP) -

When it comes to treasury secretaries, President Bush may find that the third time is the charm.

His latest - former Goldman Sachs chief executive Henry Paulson - has sent a strong signal in his first three months that the Treasury Department once again is a player in economic policy debates.

Paulson has staked out U.S.-China relations as his special prerogative. He also has let it be known that he plans to tackle the government's biggest budget headache - the strains on Social Security and Medicare from the looming retirement of 78 million baby boomers.

But even with all his Wall Street savvy and drive, it remains to be seen just how much success he will have with little more than two years left in the Bush presidency.

Paulson, sworn in on July 10 as the 74th treasury secretary, wasted no time signaling he planned to follow a far different playbook than the one used by Bush's first two treasury chiefs, Paul O'Neill and John Snow.

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